About McLennan Adam Davis

Scottish housing costs on average increased by £23,000

Scotland's average home cost in the past year grew by more than £23,000, reaching £242,213. According to data from the Bank of Scotland, home prices increased nationwide on average by 10.9%.

The largest percentage increase was in Kirkcaldy, which went from £157,779 to £203,577 by 29% (£45,798). Prices increased from 2021 to 2022 in Glasgow (up 13.6%) and Edinburgh (up 12.9%). On the other hand, only two towns—Ayr and Inverurie in Aberdeenshire—saw prices decrease in 2022 by 1.7% and 0.2%, respectively.

Changes in buyer's behaviours

According to Graham Blair, director of mortgages at Bank of Scotland, changes in consumer behaviour would prevent big cities from dominating the market in 2022.

"Unsurprisingly, Edinburgh remains the most expensive place to buy, but its rate of property price inflation was outstripped by a number of locations nearby.

"This is partly due to pandemic-driven shifts in housing preferences as buyers sought bigger properties further from major urban centres.

"We can see this clearly in commuter towns across Scotland, but Fife has been a notable hotspot, with both Kirkcaldy and Dunfermline recording strong house price growth."

Registers of Scotland figures show the average price of a property in Scotland in October - the most recent month analysed - was £194,874, an increase of 8.5% on October 2021.

Prices rose by 1.1% between September and October.

An increase in bequests is driven by shifting char...
Landlords claim Scottish Government rent freeze br...
“Great communication at all times.” Client, Ayr, South Ayrshire
“Excellent service.” Client, East Ayrshire